Making money in forex trading

[K-Jacob D.]

please don't misguide people. $500 is decent money to get you started.

I don't misguide people, $500 is decent money in forex for people who have "experience" coz they know what their doing... It cost money to gain experience on forex and $500 is not enough.. you're the one who misguiding i think.

 

[JayMay]

Hello everyone, i've tried a strategy today which found on youtube and i've made 116EUR on a demo account. I will keep trying this strategy until the market closes to see if it is consistent.
I believe the losses i had today were my fault and that i can improve the win/loss ratio.

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Those are really good results! A few things I'd suggest, from what I've seen is best advice:
- Because you're probably not gonna start with $3000 and much lower when you get a live account, you'd want to use lower lots in your trades. This is to simulate the trades that you could take with a live account, where you're definitely not gonna use 0.1 lots if you don't wanna get destroyed in a day or two.
- Set a few consistent trading rules, create a system. "System" does not equal "strategy". System is things like how many trades per day, approximate risk:reward ratios, times of day/sessions, and types of setups. "Strategies" that you find on youtube are usually different trade "setups", with patterns and different technical analysis reasons that let you take a trade. A SYSTEM uses those Strategies in an effective way to stay in the game and not get wiped out. So study more online to understand how to create a system and trading journal.

If you're a beginner, what I can recommend to you is CryptoCred's Technical Analysis series. Search it up on youtube, he's got a playlist with free super informative videos on all things Technical Analysis. Even though he's a crypto trader, all of that still applies to forex, and he does sometimes show examples with forex pairs. Out of all the gurus and weird people trying to shill their forex knowledge that I've found over the past few months, I can genuinely say that CryptoCred is probably the most real one out there. But check him out and make your own impressions.

 

[foodog]

Hello everyone, i've tried a strategy today which found on youtube and i've made 116EUR on a demo account. I will keep trying this strategy until the market closes to see if it is consistent.
I believe the losses i had today were my fault and that i can improve the win/loss ratio.

As mentioned already, lot size is too big. I know it's a demo, but try to play it like it's real money.
Can you share the scalping system that you found on YT, I would like to check it out? Thanks.

 

[JayMay]

Forex is a complete waste of time. 90%+ of retail traders lose. Out of that 10%, only the top tier traders actually make a significant profit. 20% per year on a retail account is considered very good. Institutions love retail traders because they always take predictable positions and allow for more liquidity when they decide to pump/dump. Don't fall into the trap of forex, it was a huge Instagram scam in 2018-19 which has luckily been clamped down on. Invest your time and money into SEO, IM, PPC, certifications etc

Exactly. But here's the key imo: go with the institutional traders. There's ways to figure out when it's likely for institutional traders to pump/dump and manipulate the market - liquidity pools, stops hunts and all that. But what, does this mean you can't follow them? You go with them, with the big boy moves or right after them, instead of getting nuked and cry on the floor like the retail traders that get fucked on stop hunts.

 

[ger81948]

Don't forget about working on your mindset as to how it relates to trading, especially scalping. Having a great day or good run isn't the problem. It's dealing with the inevitable losses. That's what separates the experienced trader from the newby. One losing day and many throw their strategy in the garbage and they're on to the next youtube system. Forex is tough and learning from bad trades or losing trades is so important in moving on. I wish you the best.

 

[Jim433]

Those are really good results! A few things I'd suggest, from what I've seen is best advice:
- Because you're probably not gonna start with $3000 and much lower when you get a live account, you'd want to use lower lots in your trades. This is to simulate the trades that you could take with a live account, where you're definitely not gonna use 0.1 lots if you don't wanna get destroyed in a day or two.
- Set a few consistent trading rules, create a system. "System" does not equal "strategy". System is things like how many trades per day, approximate risk:reward ratios, times of day/sessions, and types of setups. "Strategies" that you find on youtube are usually different trade "setups", with patterns and different technical analysis reasons that let you take a trade. A SYSTEM uses those Strategies in an effective way to stay in the game and not get wiped out. So study more online to understand how to create a system and trading journal.

If you're a beginner, what I can recommend to you is CryptoCred's Technical Analysis series. Search it up on youtube, he's got a playlist with free super informative videos on all things Technical Analysis. Even though he's a crypto trader, all of that still applies to forex, and he does sometimes show examples with forex pairs. Out of all the gurus and weird people trying to shill their forex knowledge that I've found over the past few months, I can genuinely say that CryptoCred is probably the most real one out there. But check him out and make your own impressions.

Thank you for the advice, i will check CryptoCred's videos, it is really hard to find good information about trading these days. I can start with 3000$, i can even start with more capital but i'm unsure if i want to risk more than that. I opened a demo account with 3000$ just to test out the setup that i found on youtube.

Today i used bigger lot sizes and made fewer trades. I believe trading less and being more focused on a few trades could be more profitable than opening 15+ trades per day(could be wrong, still testing everything).
If we exclude the 2 losses that i had from the signals, my win/loss ratio is 4/1(better than yesterday).


I calculated my total profits(excluding the signal trades) and it is 134.54EUR for today. So far 2 days in, my total profit is 250.96EUR(which is higher than i first expected, my goal was about 30-60 per day).

 

[cindyrose888]

Hello everyone, i've tried a strategy today which found on youtube and i've made 116EUR on a demo account.

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Demo account ? Goodluck buddy. lol

You can't expect the same results trading a REAL ACCOUNT. Not just you, brokers only affect your results

 

[Jim433]

Demo account ? Goodluck buddy. lol

You can't expect the same results trading a REAL ACCOUNT. Not just you, brokers only affect your results

Is that actually true? Is there any proof? How are other people making money?
Don't mean to be rude, just curious. If it's actually true that with a real account the results will be different i wont bother wasting more time. I've already spent almost 4 full days looking videos on youtube.

 

[cindyrose888]

Is that actually true? Is there any proof? How are other people making money?
Don't mean to be rude, just curious. If it's actually true that with a real account the results will be different i wont bother wasting more time. I've already spent almost 4 full days looking videos on youtube.

Looking @ FREE YT videos or even searching for free online forex methods sometimes is even MUCH better than those so call FOREX GURUS who are selling rubbish product.

Why i said REAL account results could be different, i guess you are still a very newbie in FOREX trading. Forex is almost like = GAMBLING.

Perhaps you want to consider earning money through other ways. There are so many ways @ BHW forum

Don't risk your hard earn money. FOREX is NOT for everyone nor not for the weak heart. Might be better of trading stocks.

 

[ger81948]

I would agree that demo trading is much different than when real money is on the table. However I think it's important to test your method in order to see if it's effective and if it fits your personality. Some traders do well scalping while other are better at holding trades longer or even very long term. You also want to be comfortable with the parameters of your method and get to the point of feeling confident in the strategy.

But when real money is involved, you will be more involved mentally with the outcome and physically, things are different. Your blood pressure can rise, decisions might not be made so easily and the worst case is when you aren't so willing to take a loss. Losses are part of the business and you'll have to learn to accept them and not be down on yourself or necessarily the system. Managing your trades is an important skill and with the right mindset and experience, you will succeed.

 

[NatalieDev]

Lol don't let the noobs discourage you from learning to trade, this guy here Tradedevil from youtube, can teach you a thing or two about the best strategies, the best advice i can give you is don't be afraid to use stop losses, also never use 100% of your account balance, that's one big mistake i made when i started trading start maybe with 20%, practicing and learning from others is what diminished my win/loss ratio. And always remember stop loss, stop loss, stop loss.

 

[JayMay]

Lol don't let the noobs discourage you from learning to trade, this guy here Tradedevil from youtube, can teach you a thing or two about the best strategies, the best advice i can give you is don't be afraid to use stop losses, also never use 100% of your account balance, that's one big mistake i made when i started trading start maybe with 20%, practicing and learning from others is what diminished my win/loss ratio. And always remember stop loss, stop loss, stop loss.

Haha sorry but no, 20% is waaaaaaaaaaaaaaay too high, that's immensely high. He'd need to stay in the 1-5% of total equity risk per trade. A good strategy that works is staying at a baseline level, of like 3% or 5%. Then, from here you need to make up your own rules. If you get a streak of, let's say, 3-4 losses back to back, you half down the risk per trade to 1.5-2%. If you get ANOTHER streak of loses you half it down again, going to even 0.5%. This is very important as it is actually very likely, depending on your win rate and strategy, to see back-to-back loses. So by minimizing your risk after every streak you can survive and stay in the game. If you have a strategy where you have high risk:reward ratio setups but have a lower win rate, think about it: you only need to have a winning trade out of one of every couple of trades, to be profitable. Never revenge trade and increase risk to make back all that you lost. Rarely you might win, but most likely you'll be filled with emotions, make a bad trade and lose it all. So discipline and a strict trading plan are what will allow you to succeed. Check out Cryptocred's risk management video in the technical analysis series. He explains it VERY well, best basics on risk management explained on YT imo.

Also, the only way you prove what other people say here that go like "Forex=scam or gambling", is when you trade without knowledge, that's it. The first and foremost question you have to honestly ask yourself to see if you're gambling is: Do I have a REASON for entering this trade, a thesis? If not, then you're just gambling your money away, and believe me the market won't give a shit and take your money right away. When you acquire real and practical knowledge, only then can you distinguish gambling from making your money work for you in the foreign exchange market.

About brokers, yes there's scam brokers out there that can fuck you over, manipulate the prices and even not let you withdraw. So do your research and find the most reliable one out there based on where you live. Check every broker's reviews on forexpeacearmy . com.

 

[ger81948]

Where there is money, there are scams. However you have to treat Forex like it was IM. Be careful before giving your money to anyone. I've had quite a few different brokers that I usually heard about online or that I was referred to. Some were better than others but none of them were scammers. It's usually a tradeoff to get the best rates and also a platform that you like. That's why trading demo is such a good thing. You can determine if you like the platform and also do some comparisons on what you're paying for your trades.

 

[BlackSinger]

Trading is a little difficult, I suggest you read a lot. Understand the market and then: Enter to Forex.

Remember: LEARN FIRST.

 

[Elvlin]

I suggest you start with stock or crypto first, forex is one of the hardest.
Yes crypto is volatile, but you can hold till 0. Except you play it as future, than it's more difficult and risky than forex.

Make sure you go in when you gain understanding how the market work, what happened and why, either it's fundamental or technical. And don't have those absurd hope like 100%/ month, as I understand those who live from forex is good enough i.f they earn 5%/month stable, from total capital.

Well Last time I try forex I go in with half understanding end up losing $1k. I prefer trade in crypto now.

 

[punk434]

Every dollar counts. $500 is not low. If you have true passion in trading, you can start trading with $500 and make money, as I said earlier, every dollar counts and it adds up. Learn Technical analysis and mix it with Fundamentals to stop quick losses. Earning in trading comes it you know how to stop losing much. I'm also planning to start a trading journey here. Good luck for you.

 

[Jim433]

Quick update for everyone, im up 160 pips today and 350pips last week(still on demo account)
My strategy is trading on brakes and retests, first time i heard of it from missionfx on youtube(the bald guy), then i've been looking more into it and i gathered a lot of information to help me trade
My rr is 1:1 when im up 20 pips i move the sl to brake even. Tomorrow i will be depositing to my live account and trying the strategy for real

 

[Commoner]

Hello mate,

Start small, progress fast. Make $10 or 5% on a $200.00 account using 0.01 Lot.

If you can do it, with proper risk management, over time shall compensate you fairly.

Cheers,
Commoner

 

[Jim433]

Hello mate,

Start small, progress fast. Make $10 or 5% on a $200.00 account using 0.01 Lot.

If you can do it, with proper risk management, over time shall compensate you fairly.

Cheers,
Commoner

I am planning on depositing 500eur and using 0.03 lot sized, max risk 4%

 

[Commoner]

I am planning on depositing 500eur and using 0.03 lot sized, max risk 4%

Can I disagree?

Start with 0.01 first mate.